iNVEZZ.com Tuesday, July 2nd: Grain futures have traded mostly higher today, with wheat rising for the first time in nine days, ending its longest slump since June 2005, after the world’s top importer Egypt said it was planning purchases.
Egypt, which accounts for about six percent of the world’s wheat purchases, is seeking to buy at least 60,000 metric tonnes today in its first tender since February, the country’s state-run buyer said on Monday. As of late, Egypt has struggled to pay for food and fuel as foreign currency reserves dwindled amid social unrest. The country’s return to the market has lifted the wheat price from its worst run in eight years.
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"After sliding 8.3 percent in the previous eight sessions amid easing concerns over U.S. crop prospects, today the wheat price for September delivery on the Chicago Board of Trade (CBOT) was 6.6575 a bushel, up 1.64 percent on the day. The contract fell to $6.5288 a bushel yesterday -- the lowest level since June 20, 2012 -- after the U.S. Department of Agriculture (USDA) said that crop conditions have improved over the past week.
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